The North Hempstead’s board has announced that the town has converted outstanding tax-exempt bonds into taxable bonds and refinanced existing tax-exempt bonds at a lower interest rate, resulting in what they claim to be a savings of $1,449,772 for North Hempstead taxpayers over the course of the next 12 years.
“The Town’s finance team works extraordinarily hard to find new ways to save our taxpayers money,” North Hempstead Supervisor Judi Bosworth said in a statement. “By identifying these favorable opportunities, we will save a significant amount of money. This effort is part of our commitment to strong fiscal management and ensuring the Town continues to remain on solid financial footing.”
The average annual savings in interest costs will be $99,887 for seven years and $80,985 for an additional five years following the first seven-year period, the town says. Additionally, some of the town’s special districts will see $36,679 in average annual interest costs savings for the next seven years and $17,777 in average annual interest cost savings for an additional five years following the first seven-year period.
Last month, the town announced that their triple-A bond rating had been reaffirmed by the independent rating agency Moody’s. This reaffirmation was the town’s ninth consecutive since being granted the highest rating a municipality can obtain.
Additionally, the town has been recognized for excellence in financial reporting by the Government Finance Officers Association with a Certificate of Achievement for Excellence in Financial Reporting.